Legal Problems Of The Information Disclosure Of Listed Companies In China

Many counties have established their own systems of securities supervision on the familiar foundation of the mandatory information disclosure system. In China, the information disclosure system of public company has been founded and developed by fellow the foundation and development of securities market. On one hand, the foundation of this system relied on the experience of other countries', on the other hand, it also should reflect the development rule of the securities market and adapt to the current situation of our own market. This thesis wants to summarize the establishment procession of the system and the operation in China, and then compares them to the concerned statement of the researchers. At the end, the writer tries to propose some measures to improve and perfect the system for the better supervision effect.The first section of this thesis is an instruction of fundamental theory of information disclosure system. The initial pattern of this system appeared in Britain at 18th century. British companies were required to propose brief accounting information to their shareholders periodically. And then, this mandatory information disclosure system was completed and perfected in American via the continuous legislation and amendment. In the part of the fundamental theory, two economic foundations----Efficient markets hypothesis and Asymmetric Information theory are stated. The Government Interventionism and the Open Fair and Just Principle are presented as legal foundation.In the second section, the structure of this system is summarized at first. Then, the operation of the current system in China is mentioned by two ways:analyzing the statistics about the effect of supervision and some civil compensation cases.Some disputes concerned the system of civil compensation are analyzed in the third section. Many opinions from some researchers are stated.At the end of this thesis, the writer wants to give some suggestions about how to complete the system of civil compensation and improving the effect of administrative regulation and self-regulation.